A&P Photoshopping out purple fringing?

What are some good steps or tools to use in Photoshop to kind of fix some purple fringing (chromatic abberations)? I barely know how to use the thing, so if someone could point me in the general direction, that'd be cool. I'm sure this is probably a common problem for alot of people with cheap cameras.

in PS, Zoom image to 100%
Select Image -> Adjust -> Hue/Saturation
Change the Edit: dropdown to "Magentas"
Change Saturation to -80 and Lightness to +16 (you may try different values)
push the colour ramps up and down the spectrum around the magenta level until you turn all the chromatic aberration completely grey